Question about the UK switching service

lanceuppercut

I'm looking at the FAQs for it here (https://www.currentaccountswitch.co.uk/helpandsupport/Pages/help.aspx)
and notice that it says:

The Current Account Switch Service will redirect payments to your new account. Each time an electronic payment is redirected an automatic message is sent back to the originator advising them of the new account details so they can update their records. Some organisations may contact you directly to confirm your details have changed.

Does that mean if my friend has my old details, once he makes a payment to me on his online banking, it will redirect my payment to my new bank account but also update his online banking so it now has my new details, or will it keep my old bank details saved on his system?

Is there a time limit on this? So say if I've changed and a few years down the line, someone pays me with my old details that they had, will that get redirected as above, or is that money gone?

Also, for Direct Debits, will that also change the details permanently as well?

I can see that one of my DD's has shown up on my new account, do I need to do anything else to make sure this change permanent for the duration that it's active for, or is that it and nothing else for me to worry about?

Zandimos

As far as I understand it and from my own personal experience:


If your friend pays your old bank account then the money will get redirected guaranteed for 3 years (or around that). It will not change your friends details on their own personal banking they will have to manually do this.


Direct debits will be changed in the switch and permanently changed unless you switch again. Your new bank will tell the company the new details and they will update their system, you have no contact with the organisations.


Once you switch you have to do nothing, it's all done for you. You don't even have to tell your employer, if they pay your old bank the new bank will send them your details and HR will update for you (I tested this).

18cc

All correct as stated above but best to double check that DD are moved across properly - there have been a few reports about DDs not getting switched properly and people missing payments on eg credit card or mobile phone bills and getting black marks at credit agencies for missing a payment.

Ditto double-check your employer etc has new bank details. Don't rely on no mistakes being made

lanceuppercut

Zandimos wrote: »

As far as I understand it and from my own personal experience:


If your friend pays your old bank account then the money will get redirected guaranteed for 3 years (or around that). It will not change your friends details on their own personal banking they will have to manually do this.

Okay that's good to know.

Zandimos wrote: »

Direct debits will be changed in the switch and permanently changed unless you switch again. Your new bank will tell the company the new details and they will update their system, you have no contact with the organisations.

That saves me a lot of time though EE was still showing my old details, but the DD instruction hadn't gone through so maybe that is why.

Zandimos wrote: »

Once you switch you have to do nothing, it's all done for you. You don't even have to tell your employer, if they pay your old bank the new bank will send them your details and HR will update for you (I tested this).

I think I double checked my employer anyway, was too big a thing to leave without doing anything.

lanceuppercut

18cc wrote: »

All correct as stated above but best to double check that DD are moved across properly - there have been a few reports about DDs not getting switched properly and people missing payments on eg credit card or mobile phone bills and getting black marks at credit agencies for missing a payment.

Ditto double-check your employer etc has new bank details. Don't rely on no mistakes being made

That's the thing I'm wary of, that's why I wanted to be pro-active and make sure they're manually changed, for my own peace of mind really.

So far Paypal has been a !!!!!! as it's got my new account on there, but I can't remove the old one so have opened a support case to get that resolved.

EarthBoy

Zandimos wrote: »

If your friend pays your old bank account then the money will get redirected guaranteed for 3 years (or around that). It will not change your friends details on their own personal banking they will have to manually do this..

That's not how it's supposed to work. Your old bank should inform your friend's bank of your new account details. This should be done automatically, as stated in the CASS FAQS, as quoted by the OP.

The Current Account Switch Guarantee states:

We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.

https://www.currentaccountswitch.co.uk/SiteCollectionDocuments/CurrentAccountSwitchGuarantee.pdf

All banks should have similar clauses in their terms and conditions. Taking Nationwide as an example, clause 1.13 of the Current Account Switch Agreement states:

For 3 years after the Switch Date if your Old Bank receives payments or requests for payments which relate to your Old Account, subject to compliance with applicable laws, it will redirect these to your New Account. However, if there is an outstanding debt on your Old Account, your Old Bank is entitled to use any funds or payments it receives (including by cheque) in full or part settlement of the debt on your Old Account. The originators of any redirected payments or payment requests will be advised of your New Account details.

https://www.nationwide.co.uk/~/media/MainSite/documents/products/current-accounts/shared/current-account-switching-guide.pdf